If you did not receive a first-round and second-round stimulus payment, then you must file a 2020 return and claim the Recovery Rebate Credit. The credit will appear on Line 30 of your return. Your Recovery Rebate Credit will increase your refund or decrease your tax amount due. You will not receive a separate check/direct deposit for the Recovery Rebate Credit.
The IRS will use 2020 income to determine whether you are entitled to the Recovery Rebate Credit to recapture any stimulus payments you should have received.
To qualify, you must:
- Be a US citizen or resident alien.
- Not be claimed as a dependent on someone else's tax return.
- Have an Adjusted Gross Income (AGI) up to $75,000 for individuals and up to $150,000 for married couples filing joint. If your AGI is above this amount, your payment will be reduced.
To prepare a new prior-year return, you'll need to purchase and download that year's TurboTax software for PC or Mac, as TurboTax Online and the mobile app are only available for the current tax year. After installing the software, open it and follow the on-screen instructions. Prior-year returns must be paper-filed, as e-filing is no longer available.
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